The 10.5% crash in existing home sales is the worst November drop ever. Against expectations of a mere 0.2% drop, this is the largest miss in history asnd tumbles SAAR sales to the weakest since March 2014. The collapse in sales was across all regions, and ironically was accompanied by a rise in median home prices across all regions.

November new home sales came at a seasonally adjusted annualized rate (SAAR) of 490,000 vs. an economic consensus of 503,000. Worse yet, October's big gain was revised sharply lower from 495,000 to 470,000.

Having seen New Home Sales disappoint and Existing Home Sales crash in November, Pending Home Sales plunged 0.9% MoM (against expectations of a 0.7% MoM rise). Having plateaued in October near 8-month lows, today's huge miss was driven by a plunge in sales in The West (-5.5%) and NorthEast (-3.0%). Home sales rose just 2.6% YoY - the weakest since October 2014.

If only it wasn't for that pesky GDP print, it would have been 4 out of 4 beats today. Well, three and a half: moments ago the Pending Home Sales number was released and showed a tiny 0.1% increase in January activity, compared to the expected 1.8%. The means that the data has bounced the smallest possible bounce off the lowest print since November 2011. But don't worry: in the same release we found that the data also beat, because on a year over year basis, sales declined by "only" 9.1%, compared to the -10.8% expected. So this is great news.

Following the post-regulatory-change spike in existing and new home sales, pending home sales disappointed with a mere 0.1% rise MoM (missing expectations of a 0.9% rise). The weakness of the forward-looking indicator of home closings was blamed - as usual - on low inventories but also on "sizable losses in the stock market." The 3.1% YoY sales increase is close to the weakest since November 2014. Not what New and existing home sales suggest (but more like homebuilder sentiment)

Existing home sales for December will be out at 10 a.m. ET. Analysts polled by Bloomberg are looking for a rise in existing home sales to a 5.1 million annual rate. In November, existing home sales were up 14.5 percent year-over-year, and up 5.9 percent on the month.